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By MazieNH
March 27, 2002

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Hi everyone - I recently decided to leave my job, and take a new one. I just got burned out. I think you'll all find my short version of the interviewing process entertaining and hopefully informative.

In my former position as a recruiter/headhunter, I came in contact with a few clients I later thought I would be interested in working for when it came time to leave. I settled on interviewing at two. My first choice was a Financial Services Company, selling loans etc. and the other was a sales and training position with a software company.

The financial services company was my first choice by far going in - they have FABULOUS benefits, the income potential was great, and it sounded like a mixture of my two interests, my sales/management skills, and my interest in finance. Thought this would be a great way to break into the field. Good salary (no commission) and growth. And, I figured, I'd be helping people refinance away their ugly old CC debt!

Well, They loved me. I got an offer. A very good one. Was good to go. Lucky for me, I asked to go observe for a few hours before a final acceptance.

And found out during the observation shift how predatory their lending practices were!!!! I saw their charts of rates to offer people with certain credit scores for CCards, consolidation loans, etc. They were insanely high! ("Debt consolidation" loans at 23% plus?!?!) They don't even go after people with good credit for their programs, they basically target the needier and (presumably) less informed.

I very specifically asked in the interview process if their rate structure was competitive, would these loans I would be selling be for example to help people get out from under high interest rate debt, etc. They said yes, so I didn't scrutinize too hard, this is a huge, well known company!

These folks also add in "loan insurance" to every loan, without telling the consumer they are paying extra for it. "We just inform them it is included with the price of the loan" said my boss-to-be. They run spreadsheets using inflated numbers to show customers how much money they'll "save". When people are late with payments, they call them to try and "help" them, by selling more money "to get them through the hard time" at a higher interest rate! I was sick to my stomach.

I turned the job down, and took the training and sales one. Sad part is, if I hadn't been on the Fool for the past two years, I might never have known there was anything wrong with this picture. As things stand, I couldn't have looked myself in the mirror every day roping people into that kind of situation.

Thanks guys.


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